Wells Fargo will also create a consumer restitution review program, the attorney general's office said in a statement. Consumers who haven't been fully reimbursed through restitution programs already in place may seek review by a bank escalation team.

Wells Fargo has been under fire since it was revealed in 2016 that employees had fraudulently opened millions of fake accounts to meet sales goals.

According to the attorney general's office, the settlement addresses allegations that Wells Fargo:

Opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent;

Improperly referred customers for enrollment in third-party renters and life insurance policies;

Failed to ensure that customers received refunds of unearned premiums on some optional auto finance products;

Incorrectly charged customers for mortgage rate lock extension fees.

"This agreement is unique and one of the largest multi-state settlements with a bank since the National Mortgage Settlement in 2012," Miller said. "This significant dollar amount, on top of actions by federal regulators, holds Wells Fargo accountable for its practices."

In February, the Federal Reserve handed down what one analyst called a "shocking penalty" by prohibiting Wells Fargo from growing total assets beyond their levels at the end of 2017 until the bank showed the Fed it had made reforms.